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Why 94% of SMEs Are Missing Out on R&D Tax Relief (And How to Fix It)
- Only 6% of SMEs in the UK are claiming R&D tax relief despite being engaged in innovation and development work.
- The gap between innovation and claiming R&D relief is a significant issue that needs addressing structurally.
- Many SMEs overlook R&D tax relief due to misconceptions about eligibility and complex claims processes.
- Businesses often do not realize that activities like process improvement or problem-solving can qualify for R&D relief.
- The SME R&D tax scheme is designed for smaller companies and can benefit even those that are not yet profitable.
- R&D tax relief can provide significant financial benefits, offering lifelines for cash-flow and aiding long-term growth.
- Encouraging broader understanding of qualifying R&D projects and proactive conversations with advisors can help more SMEs claim relief.
- Working with R&D specialists can assist in identifying eligible spend and maximizing the value of relief for businesses.
- Closing the gap in claiming R&D tax relief can unlock vital resources for SMEs and drive innovation and development.
- Ryan Sian, Managing Director of RandD UK, emphasizes the importance of proactive steps to help SMEs access government incentives.
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